You are so right; Madoff was sacrificed to head off what surely would have been a Goyim revolt. Note also that each time the losses have been reported they have been drastically reduced. This article has it down from 50bn to 20bn.
By THE ASSOCIATED PRESS
Published: September 22, 2009
"Federal prosecutors said on Tuesday that a review of most accounts held by Bernard L. Madoff’s customers when he was arrested shows that about half of the customers had not lost money because they withdrew more money than they originally invested.
Prosecutors made the revelation as they told a judge in court papers that there was no need to order restitution because all of Mr. Madoff’s assets will be distributed to investors through forfeiture requirements.
As part of their filing in United States District Court in Manhattan, they summarized the findings of a court-appointed trustee who is calculating how much investors lost so it can be decided how to divide up assets that are recovered.
The government said a search of financial records, including microfilm records dating to 1979, shows that investors suffered net losses exceeding $13 billion. In all, 15,870 claims have been made to the trustee by those seeking a share of any recovered money.
Authorities have identified more than $1 billion in assets that can be distributed to victims.
Separately, the California attorney general on Tuesday sued a Beverly Hills money manager accused of funneling hundreds of millions of dollars in investments to Mr. Madoff.
The lawsuit filed in Los Angeles County Superior Court accused the money manager, Stanley Chais, of securities fraud, unfair competition and other state business violations. It seeks at least $25 million in fines, plus restitution and a court injunction barring Mr. Chais from future operations.
Mr. Chais, 83, already faced several investor lawsuits, and in June, the Securities and Exchange Commission filed civil fraud charges against him in New York.
His New York attorney, Eugene R. Licker, said he had not seen the latest lawsuit and could not immediately comment. However, he previously described Mr. Chais as a victim who had no knowledge of Mr. Madoff’s scheme."
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